The State of Indiana Budget Committee approved the $30 million grant for the Orthopedic Industry Retention Initiative designed to attract talent and to retain and expand the orthopedic device industry in Indiana.
The State Budget Committee voted Tuesday to approve the $30 million grant from the state of Indiana to OrthoWorx that was appropriated by the General Assembly in April 2023 for fiscal year 2025, according to a news release from OrthoWorx. With this milestone, OrthoWorx will begin the deployment of these funds in conjunction with the start of the 2025 fiscal year, which commences July 1, 2024.
“We are remarkably grateful to the state for entrusting OrthoWorx as the steward of these resources for investing in the future of the orthopedic industry and thereby allowing us to execute on our mission of Advancing the Orthopedic Capital of the World® for Generations to Come,” said Bob Vitoux, OrthoWorx president and CEO. “The timing of this funding couldn’t be better for investing in additional workforce housing, new amenities and experiences, innovation and research facilities in support of orthopedics, improved aesthetics, and more, all of which are critical to attracting and retaining the next generation workforce.”
Commenting on this announcement, Ivan Tornos, Zimmer Biomet president and CEO, stated, “Warsaw, Indiana, has been driving Medtech innovation and helping patients for nearly 130 years. This commitment by the state of Indiana reaffirms the value it places on the future of orthopedics.”
Dr. David Hoffert, Warsaw Community Schools superintendent, stated, “We are immensely blessed to have this kind of support for attracting and retaining our next generation of talent. Our local schools play a vital role in preparing the next generation workforce for the orthopedic industry located in northeast Indiana. This industry is the lifeblood of our community and the businesses based here collectively represent one-third to one-half of the annual revenues generated in the $60 billion global orthopedic market.”
OrthoWorx will be serving as the steward for the $30 million appropriation from the state of Indiana. Funding recommendations are expected to be made on a rolling basis.
OrthoWorx is a nonprofit organization formed in 2009 in the Orthopedic Capital of the World® through initial funding from Lilly Endowment Inc., to fill a critical void in the industry, serving as a connector for industry, education, and community, leveraging resources to drive positive change. OrthoWorx was specifically designed to make the region the best place for orthopedic industry talent to grow and thrive, the release states. It serves as a catalyst, deepening connections among the various interrelated parts of the unique orthopedic industry ecosystem. This is accomplished through their pillars which include: equipping the next generation, enriching community and accelerating industry.